Oppenheimer raised the firm’s price target on Roblox (RBLX) to $133 from $125 and keeps an Outperform rating on the shares. The firm believes investors’ focus largely moved on from Q2 results to Q3 guidance. At this point, it is well understood that Q2 bookings growth will exceed guidance and consensus. However, it’s less clear how management will approach Q3 guidance and how Q3 growth should be modeled, Oppenheimer adds. The firm updates its model to reflect growth acceleration in Q3, following stronger than seasonal user growth since April. Oppenheimer expects user growth in Q2 to turbocharge a seasonally strong Q3.
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